CONNECT WITH US
Web3 & Blockchain

Web3 & Blockchain

IBM links 17 banks to the SWIFT ledger, but the cloud risk persists

CryptoSlate logo

Published on

Add as a preferred source on Google
IBM links 17 banks to the SWIFT ledger, but the cloud risk persists

IBM announced a beta connection between its Digital Asset Haven and SWIFT's shared ledger for tokenized deposits on Sept. 24, using an ISO 20022 Messaging Adapter that lets participating institutions instruct ledger transactions through standard payment messages.

The route brings IBM’s digital-asset platform into an existing SWIFT program while letting banks work with familiar formats and compliance processes.

IBM also announced a separate on-premises beta for institutions that want to run Haven in their own data centers.

Digital Asset Haven brings together wallets, key management, transaction signing and policy controls for regulated organizations.

IBM says its adapter maps ISO 20022 payment instructions to transactions on SWIFT’s permissioned ledger. This lets institutions use the payment messages they already exchange to test transfers of bank-issued tokenized deposits.

The adapter works alongside Haven’s digital-asset controls and Hyperledger Besu connectivity. IBM says institutions already participating in SWIFT's program have tested tokenized deposits on the shared ledger with Haven.

Participating clients can move digital assets around the clock through the ledger, according to IBM. Final settlement still uses existing mechanisms, including real-time gross settlement systems, so a tokenized-deposit transfer can move ahead of the final settlement step.

That distinction matters for banks assessing a continuous service: the beta adapter provides a route to instruct and move value on the ledger while established systems complete the underlying payment.

SWIFT said in July that its ledger was ready for initial use, with 17 banks preparing to pilot live tokenized-deposit transactions in a controlled rollout. IBM’s September announcement adds Haven as a beta route into that existing effort.


Source link
Related Topics:Web3 & Blockchain

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We TheMorningPulse.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It's possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.